THE Manorview Hotels & Leisure Group has received a £3.25 million loan to help navigate the business through the Covid-19 lockdown and recovery.
The five-year loan, from Barclays, comes after the management team identified the business needed funds to ensure it had the finances and liquidity it required throughout this period.
Manorview, which was recently named Hotel Group of the Year at the virtual Scottish Hotel Awards, has eight sites across the central belt including Boclair House Hotel in Bearsden and Cornhill Castle in Biggar. The Group employs over 550 people and on 17 March closed all its venues overnight due to the pandemic.
David Tracey, Manorview Hotels & Leisure Group managing director, said: “As is the case with many businesses, Covid-19 hit our industry hard.
“To safeguard our company and the jobs of our team, we had to move fast. We are grateful for the quick engagement and support of Barclays which expedited our decision making and has enabled us to plan for the future.”
In response to the current pandemic, Manorview’s Bowfield Hotel & Country Club in Howwood, Busby Hotel in Clarkston, Torrance Hotel in East Kilbride and Lynnhurst Hotel in Johnstone are accommodating NHS workers and acute service teams on the front line at no cost.
This new package of financial support has ensured the group remains in a position to be able to offer this.
Gordon McKean, relationship director at Barclays Corporate Banking in Scotland, who led the deal team said: “The loan we have structured will ensure this commercially successful business is not only supported throughout these unprecedented times but is also in a strong position to the hit the ground running and get back to full strength in the months ahead.”
This follows a separate £2.85 million loan from the bank earlier this year which is financing the refurbishment of Manorview’s Redhurst Hotel in Giffnock. The hotel is due to re-open its doors within the next twelve months once the currently postponed renovation work is complete.